Looks like the Bashar Issa bubble has burst, and it only took two years. True, for now, it is only a stall of the plans to overhaul the old hotel. Evidently the loan fell through, hmm who would have thought in a risking venture in a time when banks are failing and foreclosures are at what seems like an all time high.
Basically there is no chance the 40 story building will ever get built. I for one however didn't ever think there would be no chance the Statler renovation wouldn't get done. There have been rumors for a while that work had slowed and just about stopped, but now it has officially stopped.
Hopefully the plan B and C will come through or another developer will swoop in but this is certainly a depressing day for people like me.
However, buffalorising did do a nice piece on the first luxury condos to be built in Buffalo's downtown and all of the problems they ran in to. The article can be found here.
Oh yea, here is Donn Esmonde complaining about the waterfront as per usual. What a douche, give it up pal.
Slight update on the Statler situation. Apparently it is at least a 90-120 day break in the action as tax credits are secured.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment